WASHINGTON, DC–The Federal Housing Finance Agency finished up some long overdue rulemaking earlier this month that included a pleasant surprise for the manufactured housing industry: it opened the door for GSEs to start purchasing chattel loans in 2017. Given that 70% of all manufactured housing activity is financed by chattel lending, this is a major development for the industry.
Rural, Affordable and Manufactured Housing
This story starts, as most stories about government regulations do, several years ago with the Housing and Economic Recovery Act of 2008 (HERA), which required Fannie Mae and Freddie Mac to provide a secondary market for mortgages in three specific underserved markets. Anyone familiar with the GSEs could tell you what these markets are: rural housing, affordable housing and manufactured housing. The FHFA has been emphasizing these areas for years through various initiatives, particularly in its annual Scorecard for the GSEs.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
